Southside Bancshares, Inc. (NASDAQ:SBSI) Plans $0.37 Quarterly Dividend

Southside Bancshares, Inc. (NASDAQ:SBSI) declared a quarterly dividend on Thursday, November 2nd, NASDAQ reports. Stockholders of record on Wednesday, November 22nd will be paid a dividend of 0.37 per share by the bank on Thursday, December 7th. This represents a $1.48 annualized dividend and a dividend yield of 5.07%. The ex-dividend date of this dividend is Tuesday, November 21st.

Southside Bancshares has raised its dividend payment by an average of 3.4% annually over the last three years and has increased its dividend every year for the last 29 years. Southside Bancshares has a dividend payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Southside Bancshares to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 55.1%.

Southside Bancshares Trading Up 1.5 %

SBSI opened at $29.18 on Friday. The stock has a market capitalization of $881.24 million, a P/E ratio of 9.38 and a beta of 0.56. Southside Bancshares has a 12 month low of $25.38 and a 12 month high of $40.38. The firm’s fifty day simple moving average is $28.40 and its 200 day simple moving average is $28.68. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.75.

Southside Bancshares (NASDAQ:SBSI) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.60 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.17). The company had revenue of $67.26 million during the quarter, compared to the consensus estimate of $68.00 million. Southside Bancshares had a net margin of 25.54% and a return on equity of 13.13%. As a group, research analysts anticipate that Southside Bancshares will post 2.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Southside Bancshares news, insider Jared C. Green sold 1,665 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $29.81, for a total transaction of $49,633.65. Following the sale, the insider now directly owns 4,173 shares of the company’s stock, valued at approximately $124,397.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Southside Bancshares news, insider Jared C. Green sold 1,665 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $29.81, for a total transaction of $49,633.65. Following the sale, the insider now directly owns 4,173 shares of the company’s stock, valued at approximately $124,397.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John F. Sammons, Jr. purchased 3,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were acquired at an average cost of $27.10 per share, for a total transaction of $81,300.00. Following the completion of the transaction, the director now directly owns 30,576 shares in the company, valued at $828,609.60. The disclosure for this purchase can be found here. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Southside Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Southside Bancshares by 1.9% in the 1st quarter. BlackRock Inc. now owns 4,758,431 shares of the bank’s stock valued at $194,286,000 after purchasing an additional 88,082 shares during the period. State Street Corp raised its holdings in shares of Southside Bancshares by 4.8% in the 2nd quarter. State Street Corp now owns 1,326,108 shares of the bank’s stock valued at $34,691,000 after purchasing an additional 60,183 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Southside Bancshares by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,317,359 shares of the bank’s stock valued at $43,736,000 after purchasing an additional 36,889 shares during the period. Geode Capital Management LLC raised its holdings in shares of Southside Bancshares by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 594,289 shares of the bank’s stock valued at $15,547,000 after purchasing an additional 5,251 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Southside Bancshares by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 546,185 shares of the bank’s stock valued at $14,288,000 after purchasing an additional 31,957 shares during the period. 57.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on SBSI. Stephens boosted their price objective on shares of Southside Bancshares from $29.00 to $34.00 in a research report on Wednesday, July 26th. TheStreet raised shares of Southside Bancshares from a “c+” rating to a “b-” rating in a research report on Monday, August 14th. StockNews.com began coverage on shares of Southside Bancshares in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Finally, Piper Sandler boosted their price target on shares of Southside Bancshares from $31.00 to $33.00 in a research report on Wednesday, July 26th.

About Southside Bancshares

Southside Bancshares, Inc operates as the bank holding company for Southside Bank that provides a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations. Its deposit products include savings, money market, and interest and noninterest bearing checking accounts, as well as certificates of deposit.